By Colin Kellaher

ChannelAdvisor Corp. on Tuesday said it agreed to be acquired by privately held commerce network CommerceHub for more than $660 million in a deal led by private-equity firm Insight Partners.

CommerceHub plans to pay $23.10 a share in cash for ChannelAdvisor, a 57% premium to Friday's closing price of $14.70 for the Morrisville, N.C., provider of cloud-based e-commerce solutions.

In addition to CommerceHub shareholder Insight, investors participating in the deal include GTCR, Sycamore Partners, and Goldman Sachs Asset Management, with financing provided by Sixth Street and Golub Capital LLC.

The deal is slated to close by the end of the year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 06, 2022 08:04 ET (12:04 GMT)

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